Decoding the journey of one of India’s largest incense manufacturers and other top stories of the week
This week, SMBStory spoke to SN Rao, Chairman and Managing Director of Mysore-based Supreem Pharmaceuticals, who decided to enter into the B2C superfoods category amidst COVID-19.
From the lilies in the north to the champas in the south, and jasmine found almost everywhere, Indian fragrances hold a rich history.
Betting on the plethora of Indian fragrances and placing them in the prayers of millions of Indian households is — one of the oldest players when it comes to incense, dhoop, and aromatherapy products.
In the 1800s, the family traded in herbs and fragrant essential oils, but the business was abruptly halted during the Partition in 1947.
Nonetheless, the traditional business of fragrant essential oils survived, and the present-day brand, Hari Darshan, was born in 1970 in New Delhi’s Sadar Bazaar.
In an interaction with SMBStory, Goldy Nagdev, a fourth-generation entrepreneur, and Managing Director of Hari Darshan Sevashram Pvt. Ltd., narrates how the brand built its legacy in over 100 years.
Over the years, Hari Darshan has established itself as a strong player in the incense market, competing with the likes of Cycle Pure Agarbathies, Zed Black, and Mangaldeep.
At present, the brand claims to contribute an annual production value of Rs 300 crore worth of incense products in the Indian market and the turnover of the company is around Rs 150 crore.
Other top stories of the week:
Leveraging the pharma boom
The COVID-19 pandemic has led to a large number of people focussing on their health. While several sectors suffered from a lack of demand, the pandemic resulted in an unprecedented boom in the pharmaceutical industry.
According to research platform IBEF, the market is estimated to be worth $42 billion in 2021. It is slated to reach $120-130 billion by 2030.
Moreover, the subsequent increase in people's interest in health and wellness products further gave an impetus to the superfoods industry, experts say.
One of the companies that decided to venture into this category during COVID-19 is Mysore-based Supreem Pharmaceuticals.
Founded in 1985 by SN Rao, the B2B company manufactures and sells pharmaceutical and nutraceutical products. It has over 400 customers in India and abroad, including the likes of major pharma players such as Cipla, Cadilla, Sun Pharma, Dr Reddy’s, and more.
In a conversation with SMBStory, Rao explains entering the superfoods space with its brand Supreem Super Foods and recalls his journey of starting the company.
Digitising the Indian textile industry
The Indian textile and apparel industry is estimated to be worth $75 billion in the current year, according to a report by Wazir Advisors. Additionally, the market fell by 30 percent from $106 billion in 2019-20. It is expected to recover and grow at a CAGR of 10 percent to reach $190 billion by 2025-26.
Like several other sectors, the textiles sector, including the handloom and handicrafts segment, came to a grinding halt when the COVID-19 pandemic struck.
One of the biggest lessons for this sector has been to embrace digitisation to move forward in the post-COVID-19 world. However, making the shift online is another challenge that persists.
The biggest advantage and outcome of digitisation has been the elimination of middlemen, which has not just increased the income of the people involved in this industry but also given a face to the original creators.
This week, SMBStory listed three platforms digitising the handloom and handicrafts sector.
Edited by Suman Singh